Qualifying for a Better Underwriting Class – Strategy 1

There are only a few ways to lower your health insurance premiums. One way involves making yourself more attractive to the insurance companies and therefore getting a lower rate.

You should explore the possibility of lowering your chances of having large medical expenses before looking at other options. Other strategies involve shifting health care costs rather than reducing them. In addition becoming healthier can do a lot more for you than simply lowering your costs for insurance.

Lowering your costs this way may mean following your doctor’s advice and lowering certain risk factors. A small change in your weight, blood pressure or cholesterol readings can mean a big change in premium.

Knowing how close you are to getting a lower rate is important. You may be a few pounds or a few blood pressure reading points away from a 20% reduction in your rate.

If your policy’s rate was increased because of a risk factor that is within your control, you have an opportunity to not only lower your insurance premiums but also to improve your life. Find out how much that factor needs to be reduced in order for your premiums to be lowered.

Some risk factors go away just through the passage of time. However your medical insurance company may not automatically lower your rate. You may need to specifically request the rate reduction or apply for a new policy.

One example has to do with quitting smoking. Most insurance companies will consider you to be a smoker if you have smoked in the last 12 months. If you quit smoking a month before you applied for your last policy and more than 11 months have transpired, you may be eligible for a substantial reduction in your monthly premium. This is because your chances of a relapse decrease the longer you stay smoke free.

If you have had a major medical event such as cancer a similar situation may exist. If you do not have a re occurrence of the cancer or other medical issue, your risk to the insurance company may reduce over time. You may be denied insurance if you apply within a year of the event. You may be charged a higher rate if you apply one year after but less than 5 years after. You may qualify for standard rates after 5 years has elapsed. Your insurance company isn’t likely to give you the discount automatically. You need to know the time periods involved and you need to request the rate reduction.